1) Do we have to pay tax on our current account income like if the income goes above tax slab just like in savings account?
2) If so, what comes under expenses when filing ITR , do these expenses need to occur every month or each transaction in a year consideres?

Schedule HP in ITR 2 has provision to add only 2 house properties; how to add if assessee has 3 or more house properties?

Thank you.

My Client Purchased a Shop from Nagar Palika For Rs. 10 lakh in Auction. And then for transfer of shop to me. Nagar palika executed a Rent cum Lease Deed for a period of 3 years. (Year 2015) my client paid monthly rent charges and renew the contract after consecutive 3 years. In Feb 2021 client Sale the asset to third third person for rs 9 lakh. Further Nagar Palika executed a Rent cum lease contract. For transfer the shop from my client to third party.
(A) So should capital gain on this transaction or not. (B) or should purchase amount consider as Security deposit or sale amount consider as SD Refudable amount. (10 lakh - 9 lakh = 1 lakh Capital Loss) Note : at the time of sale comsideration rs. 9 lakh received from third party who purchased the shop.

While filling up the ITR-6 for domestic Company for AY 20-21 (Pr. Yr. 19-20) a wrong entry was given as "yes" in the column - "Whether total turnover/ gross receipts in the previous year 2017-18 exceeds 400 crore rupees? (Yes/No) (applicable for Domestic Company )". It was a small clerical mistake, but the effect was 'heavy' Rs. 33 lakh having been paid in excess.
As a consequence, 30% tax happened to be given with the 'self Asst. Tax'. It should have been 25%. In the Pr. Yr. 2017-18 the Turnover was 41.00 Crore. Therefore, Rs. 33 Lakh + has been paid excess.
Due date for revised return has expired on 31.05.2021.
How can the assessee get refund? Please advise and suggest the way of claiming Refund.

Dear Sir,

I earn a rental income from Commercial House property and business income as contract income.
Can I book any expenses with regards to income earned from house property like monthly maintenance expenses or any other to reduce the Taxable income from rent.

Please help me in this matter.

Regards,
Divyesh Jain

I got Defective notice u/s 139(9) for A.Y.2020-21. I want to rectify it but Prefilled data file not downloaded for A.Y.2020-21. So pl. guide me for procedure for return file u/s 139(9)

We are receiving Notices about discrepancies by I T Deptt For AY 2020-21 Some of Discrepancies
are as under
1. Interest on FDR not Credited in PL A/c while it has been taken in Capital A/c of Assessee and taken under Income From Other Sources Capital Account has already been attached with Audited Balance Sheet
2. Interest on PPF Account not credited in PL Account while it is claimed as exempted and taken under Capital Account as well
How I can submit Response

Dear all Experts, Please clarify me, In sale of property, If both buyer and seller are NRIs and property in India what are the tax implications to be followed.

Dear Sir ,
A person received Gratuity amount more then exemption limit of payment under gratuity act 1972 i.e 15 days of every year ,
company has paid 20 days per year gratuity
can excess amount over and above the exemption we claim relief us 89 (1) .

Dear Sir ,
A person received VRS amount more then exemption limit of Rs 5 Lakh u/s 10(10C) , can excess amount over and above 5 lakh we claim relief us 89 (1) .
is both the exemption is allowed ?
or can claim either 10 (10 C) or 89 (1)?